Skipton Building Society saw its largest ever year of mortgage lending in 2022 but has given a number of signals of a slowdown in the housing market.
The Yorkshire-based mutual, the country’s fourth largest building society, reported revenues of £1.5bn in 2022 and profit before tax of £298.8m. Over the year the organisation’s membership grew by more than 50,000 to 1.137m.
But the building society has booked an increase of £17.1m in loan impairment provision, which it says reflect a more adverse economic outlook. Meanwhile, its Connells estate agent division saw profits fall substantially to £67.5m, saying that those results “reflect more challenging housing market conditions”.
